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Six Money Traps Newlyweds Fall Into

2014-10-27 10:07:04 | 日記
Everyone marries with thoughts of buoyancy, love, and increased wealth for the future, but many couples never see those dreams become a reality mainly because of the first money decisions they made as newlyweds, which can turn their paradise into a dark nightmare.

The biggest mistake a couple can make is to bring into their marriage bad money habits and financial choices that may cause continuous quarrels and blaming. Instead, strive to diminish money tension and increase harmony in your new life.

If you are about to get married or just tied the knot, consider these tips to avoid the six money traps that could put you and your spouse in a dangerous position as a couple.

1. Keeping money secrets

As for every other aspect in a relationship, being open about money and talking clearly about it are key to the success of a marriage. Everything should be clear before the joyous day, because these types of surprises are not welcome later.

2. Not planning a budget

It is important to plan a budget as a couple. It is not the same as your single budget, as there is another income in the house, new debts, expenses, and opportunities, too. Start tracking your common expenses as well as the individual ones in order to create common spending and saving goals; address problems and look for ways to solve them together.

3. Only one manages the budget

Even if one person in the couple is more inclined towards numbers, it is vital that both parts participate in looking for solutions and organizing the finances, as much for daily decisions as for the big plans. Both should know account information, passwords, due dates, and other basics, in case something happens and the other person is not able to take care of things. Equally, any account must be a joint account, so that both of you have the same access capability.

4. Marrying in debt

In a marriage, everything is shared, even personal debt; so, if you have a pending debt when you get married, you are getting your spouse into it and vice versa. Both of you have to work together to pay it off, but never commingling it, as it may jeopardize the other’s credit score for the future. Keep credit and loan debts in the name of the original subject. Avoid starting your new life in the red; do not overspend on your wedding party, honeymoon, and furniture for your new home, if it means you will be acquiring a huge debt. It is better to get a cheap wedding dress and go somewhere beautiful and close by, in order to ensure some solvency in the beginning. Plan what is necessary and more urgent, so that you are able to have a budget for some fun activities during the first years too.

5. Let small stuff go

There are things you must compromise in a marriage. Do not get annoyed by every little detail. Who cares if he does not fold his underwear, or if she leaves hers hanging on the bathroom door. Put your energy into things that are really meaningful and learn to deal with the small stuff without creating a problem, and this goes for financial matters, too. Do not sweat for cents, unless these are rapidly accumulating and multiplying, threatening to hurt your finances. It is vital for both of you to have financial independence, so separate a monthly amount for each one of you that you can spend in any way you prefer.

6. Not planning for emergencies

Although you always hope you’ll never have an emergency, it is necessary to be prepared, and it is also a way to show how much you care for each other. It could be anything from the car breaking down, to one of you losing a job, to a medical situation; in any case, you must always have a way to pay for it or go through it without causing financial stress.

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